Yes it will - it will be on your record for six years from the time you take it out and your credit will be shot if it isn't already.
I suggest you take some advice. Vincent Bond (details under ask experts a question link on the left hand side of the page) can be contacted for some free advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As said -- your credit rating will be shot for 6 years -- but, as also mentioned, if you are in trouble with payments the rating will soon be taking a hit anyway.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Unfortunately your credit score will plummet in an iva but you should only be considering an iva if you have no other options and by that point you really wont be bothered by a low credit score!!
It does bounce back once the iva drops out of sight.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Your credit score will hit rock bottom I'm afraid...
But remember your credit score is actually just a number the credit reference agencies come up with. Only you see it and it's their opinion of the data in your file.
Any company that requests your credit file sees only the data not the score. They then make up their own mind about whether to lend or not.
